Treasury Moves Forward with GENIUS Act Rules Amid Missed Deadline

The US Treasury Department has moved forward with rules on the GENIUS Act after missing its initial deadline in July. The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act was signed into law last year, aiming to establish a framework for payment stablecoins.

Treasury Secretary Scott Bessent welcomed input from stakeholders as the department works to provide regulatory certainty for businesses to innovate and grow in America. The GENIUS Act had been scheduled to go into effect on January 18, 2027, but its implementation could now occur without clear guidance due to the missed deadline.

The Treasury Department has issued a notice of proposed rulemaking related to the implementation of the GENIUS Act, which will be open for public comment for 60 days. This follows notices from other government agencies, including the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve Board.